Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The report emphasizes that business as usual is unsustainable, with plastic production projected to rise from 435 million tonnes (Mt) in 2020 to 736 Mt in 2040, while mismanaged waste is expected to increase from 81 Mt in 2020 to 119 Mt in 2040 [29][30] - It highlights the need for stringent policies across the plastics lifecycle to prevent growth in primary plastics production and nearly eliminate plastic leakage to the environment by 2040 [30][31] - The report outlines that global ambition has modest macroeconomic costs, with a projected 0.5% global GDP loss in 2040 compared to the baseline scenario, but with significant environmental benefits [30][31] Summary by Sections Executive Summary - The report investigates the potential benefits and consequences of varying levels of international policy ambition to tackle plastic pollution, emphasizing that partial measures are insufficient to end plastic pollution [28][29] - It presents a scenario where stringent policies can limit total plastics use to 508 Mt in 2040 and enhance recycling rates to 42%, nearly eliminating mismanaged waste [30][31] Chapter 1: Context and Objectives - The chapter discusses the dual role of plastics in society, providing benefits while also contributing to severe environmental and health issues [36][37] - It notes the international commitment to develop a legally binding instrument on plastic pollution, highlighting the urgency for comprehensive policy approaches [37][38] Chapter 2: Business-as-Usual is Unsustainable - The report projects that plastic waste will grow to 617 Mt by 2040, with significant leakage to the environment increasing to 30 Mt [29][30] - It emphasizes that current policies are inadequate to alter trends in plastic flows and pollution significantly [30][31] Chapter 3: Modelling Policy Packages - The chapter details the modelling framework used to analyze various policy scenarios, focusing on the lifecycle of plastics and the economic activities driving their use [43][44] - It presents ten policy instruments grouped into four pillars aimed at curbing plastic production and enhancing recycling [16][46] Chapter 4: Implications of Policy Scenarios with Partial Ambition - The report indicates that partial ambition scenarios fail to eliminate plastic leakage and can only modestly slow down primary plastics use [30][31] - It highlights the importance of strong policy commitments to achieve significant reductions in mismanaged plastic waste [30][31] Chapter 5: Implications of Policy Scenarios with High Ambition - The report asserts that ambitious integrated policies can decouple economic activity from plastics use and significantly reduce mismanaged plastic waste [30][31] - It emphasizes that all policy pillars are essential in achieving the goal of eliminating plastic waste by 2040 [30][31] Chapter 6: Comparison of Costs Across Scenarios - The analysis shows that policy packages targeting all stages of the plastics lifecycle are more cost-effective at the macroeconomic level [30][31] - It notes that non-OECD countries face higher investment needs to enhance waste management systems [30][31] Chapter 7: Challenges and Priorities - The chapter discusses the need for significant technical, economic, and governance improvements to implement ambitious policies globally [30][31] - It highlights the importance of international cooperation and financing to support developing countries in their policy efforts [30][31]

Investment Rating - The report does not provide a specific investment rating for the industry Core Insights - The document serves as a user guide for the Amended Common Reporting Standard (CRS) XML Schema, which facilitates the automatic exchange of financial account information between tax administrations [6][11] - The CRS is designed to enhance transparency and combat tax evasion by enabling jurisdictions to obtain and exchange financial information on reportable accounts [11][12] - The XML schema is structured to support the reporting requirements of the CRS, including detailed specifications for data elements and their attributes [12][13] Summary by Sections Introduction - The OECD, in collaboration with G20 countries, developed a common standard for reporting and exchanging financial account information [11] - The schema is a technical solution for holding and transmitting information electronically [11][12] CRS Schema Information - The schema includes a message header, details about account holders, and reporting financial institutions [13] - It reuses elements from the FATCA schema, indicating some elements are optional for CRS reporting [15] Guidance on Correction Process - The user guide provides instructions on how to correct data items within a file that can be processed automatically [12][16] Appendix A - Contains diagrams representing the CRS XML Schema with all its elements [17] Appendix B - Includes a glossary of namespaces for the CRS XML Schema [17]

Investment Rating - The report does not provide a specific investment rating for the industry. Core Insights - The document outlines the Crypto-Asset Reporting Framework (CARF) approved by the OECD in 2023, which facilitates the automatic exchange of information between tax administrations regarding crypto-assets [6][12]. - The CARF XML Schema is designed for the exchange of information reported under CARF between competent authorities and can also be used for domestic reporting by Reporting Crypto-Asset Service Providers [13][12]. - The CARF Body contains information on Reporting Crypto-Asset Service Providers, Crypto-Asset Users, and relevant transactions, ensuring compliance with tax reporting requirements [67]. Summary by Sections Introduction - The CARF User Guide links to the CARF XML Schema, which is divided into logical sections detailing specific data elements and attributes [12]. CARF XML Schema - The schema includes a Message Header, Organisation Party type, Person Party type, and the CARF Body, which collectively facilitate the reporting process [12][67]. Message Header - The Message Header identifies the sender, recipient, message type, and reporting period, ensuring clarity in communication between tax administrations [18][19]. Organisation Party Type - This section defines the information related to Entity Reporting Crypto-Asset Service Providers and Entity Crypto-Asset Users, including residence country codes and tax identification numbers [26][29]. Person Party Type - The Person Party Type provides identification information for individual Reporting Crypto-Asset Service Providers and Crypto-Asset Users, including tax identification numbers and addresses [44][49]. CARF Body - The CARF Body includes details on Reporting Crypto-Asset Service Providers and Crypto-Asset Users, as well as information on relevant transactions, ensuring comprehensive reporting [67]. Annexes - The report includes diagrams and a glossary of namespaces related to the CARF XML Schema, aiding in understanding the structure and requirements of the schema [16][8].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights a shift in tax policy reforms across OECD countries, indicating a trend towards increasing tax rates and broadening tax bases in response to economic challenges and the need for additional revenues [13][15][16] - Policymakers are balancing the need for increased domestic resources with the necessity of providing tax relief to alleviate the cost-of-living crisis affecting households and businesses [14][19] - The trend of decreasing corporate income tax (CIT) rates has halted, with more jurisdictions implementing rate increases for the first time since 2015, reflecting a need for additional revenues and equity within the tax system [16][63] - Significant progress has been made towards implementing the Global Minimum Tax (GMT), with 60 jurisdictions taking steps towards its introduction [16] Summary by Sections Macroeconomic Background - Global GDP growth was estimated at 3.1% in 2023, with many economies affected by high inflation and geopolitical tensions [23] - The unemployment rate in OECD countries was 4.9% at the end of 2023, indicating a stable labor market despite economic challenges [30] - Public debt rose to 113% of GDP for the OECD as a whole in 2023, with government deficits increasing again due to the energy crisis [36] Tax Revenue Context - The average tax-to-GDP ratio across OECD countries decreased by 0.15 percentage points to 34.0% in 2022, with significant variations in tax revenue sources [43][45] - High-income countries saw a rise in corporate income tax revenues driven by heightened profits, particularly in the energy sector [43] Tax Policy Reforms - The report documents tax reforms introduced or announced in 2023 across 90 jurisdictions, showing a trend towards increasing rates and broadening bases [13][59] - Personal income tax (PIT) reforms focused on supporting low- and middle-income households, while social security contributions (SSCs) have seen increases in many jurisdictions [17][66] - VAT relief measures on energy products are slowing, with some jurisdictions increasing their standard VAT rates [19][67]

Investment Rating - The report emphasizes the critical need for investment in climate-resilient infrastructure, particularly in developing countries, to support sustainable development goals and manage climate change impacts [10][11][29]. Core Insights - Climate change is increasingly affecting infrastructure, leading to severe damages and disruptions, necessitating proactive investments in climate resilience to protect economic returns and ensure business continuity [10][24][27]. - The report highlights that for every USD 1 invested in climate-resilient infrastructure, there can be an average of USD 4 in benefits over the asset's lifetime, showcasing the economic rationale for such investments [25][49]. - It stresses the importance of integrating climate resilience into all new infrastructure investments and leveraging innovative financial instruments to mobilize additional funding [14][58][59]. Summary by Sections Executive Summary - Infrastructure damages from climate change are expected to worsen, making climate resilience essential for sustainable development [10][11]. - Developing countries face urgent infrastructure needs while managing climate risks, highlighting the necessity for targeted investments [10][11]. Rationale for Climate-Resilient Infrastructure - Climate change has already led to significant warming and increased climate risks, with global mean temperatures exceeding pre-industrial levels by over 1.4°C in 2023 [31]. - The estimated annual cost of adaptation for energy and transportation infrastructure in developing countries ranges from USD 9 billion to USD 35 billion [31]. Assessing Climate Risks - Different infrastructure sectors face varying climate hazards, necessitating tailored risk assessments to understand vulnerabilities and impacts [32][34]. Mainstreaming Climate Resilience - Governments can integrate climate resilience into infrastructure planning through mechanisms like National Adaptation Plans and Environmental Impact Assessments [13][14]. - Multilateral Development Banks (MDBs) play a crucial role in ensuring climate resilience in infrastructure projects in developing countries [13]. Mobilizing Additional Finance - Innovative financial instruments such as green bonds and blended finance mechanisms can attract investment for climate-resilient infrastructure [14][28]. - Tax incentives and emission trading mechanisms can further support funding for climate resilience initiatives [14].

Making Dispute Resolution More Effective – Simplifi ed Peer Review, Serbia (Stage 1) OECD/G20 Base Erosion and Profit Shifting Project Making Dispute Resolution More Effective – Simplified Peer Review, Serbia (Stage 1) INCLUSIVE FRAMEWORK ON BEPS: ACTION 14 OECD/G20 Base Erosion and Profit Shifting Project | --- | --- | |-------|-------------------------------| | | | | | More Effective – Simplified | | | Peer Review, Serbia (Stage 1) | INCLUSIVE FRAMEWORK ON BEPS: ACTION 14 This document, as well as any dat ...

GF INTERGOVERNMENTAL FORUM on Mining, Minerals, Metals and Sustainable Development Determining the Price of Minerals A transfer pricing framework for lithium ITHIUM © IISD/OECD, 2024. This publication is licensed under a Creative Commons Attribution 4.0 licence (CC-BY 4.0). Nothing in this license shall be construed as a waiver of the privileges and immunities that the OECD enjoys as an international organisation. This work is published under the responsibility of IISD and the Secretary- General of the OECD ...

建立更可持续的投资框架 评估与南部邻国的可持续投资便利化协议的可行性 建立更可持续的投资框架 评估与南部邻国的可持续投资便利化协议的可行性 0YVZoNtOmNrRvMwPoRtMtR7NcM8OsQmMsQsOfQoOvNfQoPqR8OoPoPMYoNpRvPsPvN 本文件以及本文所包含的任何数据和地图均不影响任何领土的地位或主权 ， 国际边界和边界的划定以及任何领土 ， 城市或地区的名称。 以色列的统计数据由以色列有关当局提供 ， 并由以色列有关当局负责。经合组织使用此类数据不影响戈兰高地 ， 东耶路撒冷和以色列在西 岸的定居点根据国际法的地位。 蒂尔基耶共和国的说明 本文件中关于 "塞浦路斯 " 的信息涉及该岛南部。岛上没有代表土耳其和希族塞人的单一机构。蒂尔基耶承认北塞浦路斯土耳其共和国 （ TRNC ） 。在联合国范围内找到持久和公平的解决办法之前，蒂尔基耶将保持其对 "塞浦路斯问题 " 的立场。 经合组织和欧洲联盟所有欧盟成员国的说明 除蒂尔基耶以外 ， 塞浦路斯共和国得到联合国所有会员国的承认。本文件中的信息涉及塞浦路斯共和国政府有效控制的地区。 请引用本出版物 ： 经合组织 （ 2024 ...

OECD-FAO Agricultural Outlook 2024-2033 Food and Agriculture Organization of the United Nations OECD-FAO Agricultural Outlook 2024-2033 This work is published under the responsibility of the Secretary-General of the OECD and the Director-General of FAO. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Member countries of the OECD, or of the Members of the Food and Agriculture Organization of the United Nations. The names and representation of countrie ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 基于 FCF-ROE 和 DCF 定价模型的策略框架 20240526 摘要 · 报告探讨A股市场投资风格，强调行业比较的重要性，并提出基于自由现金流（FCF）、 净资产收益率（ROE）和折现现金流（DCF）定价模型的策略框架。 ·报告提出LE-SCF（留存收益率-自由现金流）框架，认为自由现金流占净利润的比例和 LE 是基于DCF 定价模型的公司估值的关键变量，并指出 DCF 定价模型适用于具有正自 由现金流的公司，特别是行业细分市场的龙头公司。 报告分析了中证质量指数、中证150指数和国证绩效指数在过去十多年的表现，发现这 些指数在 2016 年三季度到2021 年第廿季度超额收益明显提升，但从2021 年 3月开始 呈现加速下行态势。 报告认为，当前宏观环境下，中国经济发展模式将发生显著变化，从高杠杆、高波动增 长阶段进入低杠杆、低波动增长阶段，稳态增长将成为主流，投资者应关注自由现金流 增速较高的公司。 报告分析了沪深300 指数过去几年的估值变化，认为2024年沪深300 指数的估值水平 有望实现一定程度的修复，特别是那些高自由现金流和高RO ...